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Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2011 IF I HAVE MADE ADVANCE PAYMENT OF RENT OF APRIL 2011 IN MARCH 2011

WHEN SHOULD I PAY TDS TO GOVT? on MARCH 2011?
and do i need to show the accounting entries of tds on march2011

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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08 August 2011 Yes... TDS for payment made in march,11 should be deducted in March only & should have been deposited till 30/4/11.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 August 2011 Section 194I makes TDS Provisions applicable
on payment of Income.

Whatever is paid in Month of March is advance for the recipient and not an income. Suppose you vacate premises on 1.4.2011, the amount may be refunded back to you.

So TDS is not required to be deducted as on 31.3.2011.

In the next FY 2011-12, Since the advance rent of April Forms part of the income , TDS is required to be deducted.

Assuming that payment is made on 1.4.2011
TDS is required to be deducted on 1.4.2011.

However, experts may have a different view, so please wait.

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